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Daily Currency Outlook: GPB/JPY And EUR/JPY : October 04 ,2017

Daily Currency Outlook: GPB/JPY And EUR/JPY : October 04 ,2017

GBP/JPY Daily Outlook

Daily Pivots: (S1) 149.03; (P) 149.64; (R1) 149.99;

Intraday bias in GBP/JPY remains neutral for consolidation below 152.82. At this point, we’d still expect downside to be contained by 38.2% retracement of 141.17 to 152.82 at 148.36 to bring rebound. Break of 152.82 will extend the larger rise from 122.36 to 61.8% projection of 122.36 to 148.42 from 139.29 at 155.39 next.

In the bigger picture, medium term rebound from 122.36 is in progress. Firm break of 38.2% retracement of 196.85 to 122.36 at 150.43 will carry long term bullish implications. In that case, GBP/JPY could target 61.8% retracement at 167.78. For now, the bullish scenario is preferred as long as 139.29 support holds.

GBP/JPY 4 Hours Chart

GBP/JPY Daily Chart

EUR/JPY Daily Outlook

Daily Pivots: (S1) 132.16; (P) 132.52; (R1) 132.87;

Intraday bias in EUR/JPY remains neutral for consolidative trading below 134.39 high. Near term outlook remains bullish as long as 131.69 holds. Sustained break of 134.20 fibonacci level will extend larger up trend to 141.04 resistance next. However, break of 131.69 will be an early sign of medium term reversal and will target 127.55 key support level instead.

In the bigger picture, current rise from 109.03 is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. On the downside, break of 127.55 support is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bullish.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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